The Romanian Family Businesses Philosophy for Performance and Sustainability

Haţegan, Camelia-Daniela; Curea-Pitorac, Ruxandra-Ioana; Hategan, Vasile-Petru

doi:10.3390/su11061715

Cited by 19 publications

(26 citation statements)

References 66 publications

(89 reference statements)

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“…The importance of culture has been studied previously [59]. In particular, Hategan et al (2019) [71] analyzed the effect of culture on sustainability in family businesses. This result shows how one aspect of structural capital affects financial performance, coinciding with Xu et al (2018) [15].…”

Section: Discussionmentioning

confidence: 99%

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Leadership and Organizational Culture in the Sustainability of Subsistence Small Businesses: An Intellectual Capital Based View

Jardón

Martinez–Cobas

2019

Sustainability

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The concept of leadership is complex and has been studied from multiple approaches, especially from the psychological field and from the field of management. Small businesses created as way of subsistence for the entrepreneur and their family present a limited leadership. The cultural traditions of the forestry industry are based on the culture and indigenous know-how of the territory, especially affecting small timber businesses, the small businesses working in timber activities. This paper analyzed the interrelation between culture and leadership in the process of generating performance from sustainable competitive advantages using partial least squares (PLS) techniques. The results show that culture and leaderships are sources of competitive advantage in subsistence small businesses, but culture does not generate competitiveness directly; an organizational culture needs to act through entrepreneurial leadership.

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Section: Discussionmentioning

confidence: 99%

“…First, local culture reduces transaction costs, but to translate this reduction of cost into value for clients, it is necessary to have an efficient organizational system [70] and good leadership, which are usually not present in SSBs [71]. This effect is therefore limited.…”

Section: Culture Leadership and Sustainabilitymentioning

confidence: 99%

Leadership and Organizational Culture in the Sustainability of Subsistence Small Businesses: An Intellectual Capital Based View

Jardón

Martinez–Cobas

2019

Sustainability

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“…: family members) resulted in lower earnings. Hategan et al (2019) examine the relationship between family firms and social responsibility awareness using a Romanian sample. They found that Romanian family firms have greater attention on the current changes in business environment and prepared an internal process strategy to response this changes.…”

Section: Literature Reviewmentioning

confidence: 99%

The Role of Political Connections on Family Firms’ Performance: Evidence from Indonesia

Harymawan

Nasih

Madyan

et al. 2019

IJFS

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The purpose of this study is to investigate the relationship of firms with family ownership and their performance in Indonesia and further examine on how political connections affect this relationship. This study used 933 samples from 413 companies listed on the Indonesia Stock Exchange (IDX) in the period between 2014 and 2016. Using ordinary least square (OLS) regression, the results shows that firms without family ownership (non-family firms) have better performance than firms with family ownership (family firms) in Indonesia. Furthermore, the findings also show that the performance of family firms significantly improve when the firms are affiliated with political connections. Our findings imply that establishing political connections in family firms will increase the performance of the firms.

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“…The key performance indicators are the family passion for the business, family governance policy, powerful emotional attachment of the family to the company, willingness to transfer the business to the future generation, innovative tools to continuously perform the family business brand, family experience, family influence, and recognition [1,14]. A family business is characterized not necessarily by its size or by the percentage of stake owned, but most importantly, by the voting rights a family has over the business.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Family businesses account for a great number of private companies, and are perceived as the backbone of the world's economy and as sustainable business models [1]. The phenomena of globalization and hyper-competition have drawn scholars' attention regarding family businesses' fast decision-making processes, which affect their business performance [2].…”

Section: Introductionmentioning

confidence: 99%

The Main Drivers for Sustainable Decisions in a Family Business That Impact the Company’s Performance

et al. 2020

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The successful ways in which families have conducted their businesses decade after decade have drawn scholars’ attention to what the mainstream ideas are when it comes to making sustainable decisions. This article focuses on the main drivers behind sustainable decisions made by family businesses with respect to three pillars: economic, environmental, and social. In this context, the authors’ aim is to present a statistical model for forecasting companies’ future revenue in the next financial year by analyzing the relationship between the main internal drivers of family businesses and their corresponding financial objectives. Additionally, the analysis of the long-term strategy and the short-term actions indicates an understanding of environmental awareness. Reaction time in investment decisions represents a challenge for the sustainable performance of family companies. Human resources with good operation management in family businesses contribute to the assurance of long-term business stability and high returns on investments. The results will contribute to the literature on economic sustainability of family businesses.

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The Romanian Family Businesses Philosophy for Performance and Sustainability

Cited by 19 publications

References 66 publications

Leadership and Organizational Culture in the Sustainability of Subsistence Small Businesses: An Intellectual Capital Based View

Leadership and Organizational Culture in the Sustainability of Subsistence Small Businesses: An Intellectual Capital Based View

The Role of Political Connections on Family Firms’ Performance: Evidence from Indonesia

The Main Drivers for Sustainable Decisions in a Family Business That Impact the Company’s Performance

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